It’s a choppy day with major indices pulling back from their opening highs.

Nvidia (NVDA) is the best performing magnificent seven name and contributing to strong gains in the semiconductor niche.

Energy (XLE) is lagging this afternoon, as oil prices shoot lower on signals given by OPEC+ that it will hike production again in November.  Defensive sectors, consumer staples (XLP) and health care (XLV),  are also underperforming today.

Communication Services (XLC) is the second-best performing sector, led higher by Electronic Arts (EA), after the company announced an agreement to be acquired.

The sector is also receiving a boost from Trump after he announced a 100% tariff on foreign made movies.

Marijuana stocks are getting a boost today, after Trump endorsed using CBD for senior healthcare and reiterated that his administration is looking at reclassifying marijuana under federal law.

Economic Data

The Dallas Fed Manufacturing Index fell to -8.7 in September from -1.7 in August.

Notable Points:

• The Production index fell 5.2 points to 10
• Capacity Utilization slipped 3.9 points to 9.8
• Shipments declined 8 points to 6.7
• New Orders lost 8 points to -2.6
• Employment fell 12 points to -3.5

Pending home sales rose 4% M/M in August, rebounding from a 0.3% decline in July and beating estimates of a 0.3% increase.

The market continues to pay attention to the latest headlines from Main Street. President Trump is expected to meet congressional leaders of both parties ahead of the government funding deadline tomorrow night.

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